DUBLIN--(BUSINESS WIRE)--The "Specialty Lighting Market by light source (LED, Halogen Lamps, Xenon Bulbs, Incandescent Lamps), application (Entertainment, Medical, UV Lamps), and Region (North America, Europe, Asia Pacific, RoW) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Specialty Lighting Market is Projected to Reach USD 7.2 Billion by 2024 from USD 5.4 Billion in 2019, at a CAGR of 5.9% from 2019 to 2024
The major drivers for the market's growth are the increasing number of live music events and concerts; stringent government regulations for air, water, and surface disinfection; growing penetration and adoption of surgical lighting for minor and major surgical procedures; and decreasing cost and increasing penetration of LEDs.
Underlying opportunities for the specialty lighting market include the increasing demand for ultrapure water from end-use industries and high growth prospects in new applications. Major restraints for the market are the perception of high cost of installation and limited awareness about payback periods. Misconceptions regarding UV purification systems pose a major challenge for the specialty lighting market.
LED segment to hold largest share of specialty lighting market during forecast period
LEDs are semiconductors that convert electricity to light through the movement of electrons. They have evolved as a major lighting technology, as they are more environmentally beneficial than high-intensity discharge (HID)/halogen lights in terms of power consumption, reliability, and durability. In the entertainment application, LED light sources enhance the quality of light, heat dissipation, and light distribution, which increases their use in special lighting applications.
LEDs save energy and require less maintenance. Companies such as Signify, OSRAM, Cree, and Ushio America offer LED specialty lighting. The LED segment is leading the specialty lighting market, and this trend is expected to continue during the forecast period as well.
Among all applications, entertainment to hold largest share of specialty lighting market from 2019 to 2024
Entertainment lighting leads the specialty lighting market. Entertainment lighting includes lamps that maintain the focus of the audience and provide proper intensity, color distribution, and direction to the performers. Entertainment lighting has various applications, including stage, studio, and others.
Stage lighting leads the entertainment lighting segment, followed by studio and others, and this trend is expected to remain the same during the forecast period. Due to the increasing number of musical events, the demand for specialty lighting for entertainment is likely to increase in the coming years.
North America to hold second-largest share of specialty lighting market during forecast period
Cree (US), USHIO America (US), Advanced Specialty lighting (US), and Integra LifeSciences (US) are a few key players that are based in North America. These companies have majorly contributed to the growth of the specialty lighting market in the region. North America is popular for holding leading music festivals such as Lollapalooza, Bonnaroo, Bumbershoot, and Electric Zoo Festival.
Growing participation in music festivals and increasing urbanization have driven the entertainment lighting market in the region. In 2017, the total number of hospitals in the US was 5564, which is expected to reach 6210 by the end of 2019. This is expected to increase the number of surgical procedures and examination procedures. These factors drive the market for specialty lighting in North America.
- Increasing Number of Live Music Events and Concerts
- Stringent Government Regulations for Air, Water, and Surface Disinfection
- Increasing Adoption of Surgical Lighting for Minor and Major Surgical Procedures
- Increasing Penetration and Decreasing Cost of LEDs
- Perception of Higher Cost of Installation and Limited Awareness About Payback Periods
- Increasing Demand for Ultrapure Water From End-Use Industries
- High Growth Prospects in New Applications
- Misconceptions Regarding UV Purification Systems
- Signify Holding (Formerly Philips Lighting)
- Advanced Specialty Lighting
- Getinge AB
- Herbert Waldmann
- Brandon Medical
- Integra Lifesciences
- Steris PLC
- Atlantic Ultraviolet
- Advanced UV
- American Ultraviolet
Other Important Players
- Martin Professional
- Altman Lighting
- Chauvet & Sons
- Guangzhou Yajiang Photoelectric Equipment Co.
- Daray Medical
- Color Imagination LED Lighting
- Advanced Stage Lights
- Technomed India
- Simeon Medical
- Crystal IS
For more information about this report visit https://www.researchandmarkets.com/r/b2zpls